Software is eating the world and its social media.
The election of Barack Obama, the election of Donald Trump, the Arab Spring, Brexit and the OLS challenge. These were all driven by social media for good for for bad. It just goes to show that Social Media can be used to drive change.
If we look at that on how we can drive change for business today, social selling which has been around since 2006 has transformed sales. We (as in Digital Leadership Associates) social-experts.net has clients that are doing £1 Million deals through social.
On a recent podcast with Mary Henderson of Australia https://www.linkedin.com/in/6figureexpert/ our Alex Low https://www.linkedin.com/in/alexanderlow/ explained the ROI (Return on Investment).
Podcast can be found at this link...
The ROI is thus.
Say the average deal size is 100K and social can get you one extra conversation, which you close per week and you have 10 sales people. That is an extra 50 Million of revenue. Even if you were only able to close an extra deal per month, that's an additional 12 Million.
Now you have a deal size small or bigger than that, you may have more or less sales people but social can transform you sales and revenue.
There is more good news. Social is already used right across your business in Marketing, Sales, Customer Service, Human Resources, Procurement, Supply Chain etc, but it's being used tactically rather than strategically. For example we have one client who has saved over 100K on recruitment fees by sharing a blog. Just think about the efficiency savings and competitive advantage your business can gain by putting social at the heart of the company? In effect, more for less.
The way forward is to get the C-Suite on board, this isn't about teaching them twitter. This is about getting them to understand the competitive advantage and why this is now a priority.
Time to show your digital transformation leadership!
In the last two decades we’ve seen individual companies and entire industries upended by these kinds of software-powered business models. Examples abound: Amazon and the retail industry, Netflix and movie rentals, Uber and ride hailing, Airbnb and hotels, etc. We’ve reached the point that these companies’ names have become verbs synonymous with being “eaten” by software (e.g., “Amazoned” or “Netflixed”). The most famous examples of digital disruption involve digital natives, of course, but legacy businesses are leveraging software to evolve too. Brazilian retailer Magazine Luiza—a company I’ve worked with through my employer, Google Cloud’s Apigee team—has enjoyed enormous revenue growth and seen its stock soar, for example, as it has built out its digital platform capabilities and transitioned from a primarily brick-and-mortar model to an omnichannel one.